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BRIEF-Oil Search proposes to acquire Interoil

Published 20/05/2016, 08:36 am
© Reuters.  BRIEF-Oil Search proposes to acquire Interoil
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May 20 (Reuters) - Oil Search Ltd OSH.AX :

* Oil Search and Interoil announcement on Interoil acquisition OSH.AX

* Oil Search proposes to acquire 100% of Interoil (the Interoil transaction).

* Deal has been unanimously approved by both boards.

* Says consideration for Interoil shareholders comprises 8.05 Oil Search shares plus a contingent value right (cvr) 1 for each Interoil share

* Oil Search will also provide Interoil shareholders with cash alternative for the share component, up to a total of US$770 million

* Interoil transaction and the total mou together are value accretive

* Signed mou with total sa to sell down 60% of interest acquired from Interoil in prl 15 and 62% of interoil's exploration assets

* Source text for Eikon ID:nASX8Gt6NV

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